Foresters: Why Does Quality Data Matter?

At Forest2Market, a ResourceWise company, we often tell our customers to trust in our experts. Even more critically, we tell them to trust in our data.

As a standalone term, “data” is fairly ambiguous. But when properly harnessed, it becomes a powerful tool.

Of course, what happens when you utilize bad data? We all know the answer to this question, hopefully: bad data, bad outcomes.

You need to ensure that the data you’re relying on is legitimate and worthwhile. Otherwise, you put the future success of your business at risk.

With Forest2Market, you can strategically utilize our trustworthy data to help you better understand where and how to buy or sell lumber products. Even better, you can use it to identify trends or potential shifts in the timber market or even to help you determine your next major company move.

What Makes Good (or Bad) Data

Some people say that there is no such thing as either good or bad data. It’s just information, after all – 1s and 0s.

The truth of the matter is that data boils down to two critical points: its source and the people behind it. We’ll use Forest2Market’s forestry trade and market data as an example and explore both elements.

1. The Source of the Data is Fundamental

Where do forestry insights come from across the industry? You can glean them from multiple online sources:

• Food and Agriculture Organization (FAO)
• US Department of Agriculture
• US International Trade Commission
• US Bureau of Labor Statistics

The statistics supplied by these organizations and others certainly provide valuable records. But their reports can only get you so far.

Beyond government-collected reports, where else can you obtain information that will yield real value for your business? You need data that reflects actual movements in the forest value chain. This, of course, comes from transparent, transactional data of the companies involved.

This type of data goes much further than government statistics. It’s real-use figures and facts that reflect a direct and accurate snapshot of what’s happening in your market right now.

Obviously, companies don’t want to offer up their transactional data to potential competitors. Why would anyone ever do that?

This exact intersection – between needing better intelligence and getting it within the actual market – is where SilvaStat360 can help.

SilvaStat360 is Forest2Market’s business intelligence platform. The online solution provides all our historical industry data alongside regularly updated figures in all the following areas:

• Timber Pricing: We hold 20 years of transaction-level details in over $6 billion of actual timber sales.
• Lumber Pricing: Popular North American pricing data is included, and it is customizable to show species, pricing benchmarks, and more.
• Industry Analytics: Current analytical tools are regularly updated to help businesses remain competitive in the global forest products supply chain.
• Bioenergy Analytics: Project support for bioenergy maximizes business success in all stages of project development.

What distinguishes SilvaStat360 from government statistics or other resources is how we collect, compile and present our information.

2. The People Behind the Data are Just as Important

Behind the information itself, you need industry experts to properly compile, organize and codify it. Otherwise, even the highest quality records won’t help you understand the industry and strategize your own planning.

Forest2Market’s experts offer decades of experience in all areas of forestry. From mills and timber falling to lumber purchase and delivery, we understand how this sometimes-volatile industry works. We take that expertise and apply it in all areas of business intelligence and analyses.

Through our expertise, we can offer customers a wide range of assistance in business decision-making and analysis.

The Power of Buying In

Remember the question above asking why any company would offer up their own internal transaction data? For our platform, the answer relates to buy-in and exchange (also known as give-to-get).

Our customers buy into SilvaStat360 by providing their transactional data to Forest2Market. In exchange, you receive access to real-use information from all our other customers (in addition to all other resources where we derive our insights).

Data is anonymized from any specifics about exact companies and their particulars. But the information itself is very real – and a pinpoint snapshot into precisely what’s occurring across the forest market value chain.

That type of specificity isn’t available anywhere else. It’s what distinguishes Forest2Market, and SilvaStat360, from any other business intelligence platform.

Schedule a SilvaStat360 Demo Today

As a ResourceWise company, Forest2Market serves a broad range of businesses in forestry and other commodities. Our experts know and understand how this industry works. And our intelligence tools can bring you the results you need to stay competitive.

Data matters. You need to partner with the right people and the right information to better plan for your business’s future.

Get in touch with us today to schedule a demo of SilvaStat360 and see just how much our intelligence can help your success potential.